How to open SBI Digital Savings Account? What are the benefits and eligibility of this account

How to open SBI Digital Savings Account? What are the benefits and eligibility of this account

With the lockdown due to COVID-19, most people have started turning to digital savings accounts, which are also very easy to manage. SBI's digital savings account is quite popular, along with other digital accounts such as Axis Bank and ICICI Bank's digital savings account. For the greater convenience of customers with digital banking services, SBI has once again launched its 'SBI Insta Savings Bank Account.' It is an Aadhaar based digital savings account, which can be opened through SBI YONO. It is completely paperless and can be opened with just a pan and Aadhaar number.

According to the SBI website, at any time, there can be only one SBI digital savings account in a person's name. To open an SBI digital account, only anyone will have to log on to the official website of SBI and can open the account through the SBI YONO app. However, some eligibility rules have to be fulfilled when opening an online digital account. In the absence of a person, he or she should be a resident of India, more than 18 years of age, valid Aadhaar and PAN card and the account applicant should have a valid, active email address and local mobile number registered in his name. An account holder can also convert the digital savings account into a joint account, but only after converting it to a normal savings account.

Know how to open SBI Insta Savings Bank account:

  • Download the YONO app, and enter pan and base detail.
  • Next, submit OTP, and fill in other processing details and submit.
  • Customers can also choose a nominee for the SBI Insta Savings Bank account.
  • Once the process is completed, the account holder's account will be activated immediately.
  • You can also upgrade to full KYC by visiting your nearest SBI branch within one year of opening the account.
  • After opening SBI digital savings account, account holders are given a checkbook as well as a debit card free of cost.

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Image credit: zeebiz

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